Santiago , Chile -LRB- CNN -RRB- -- Sebastian Pinera was sworn in Thursday as president of Chile , taking over a country battered by a recent earthquake but with a strong economy and stable social institutions .

Pinera , 60 , succeeded Michelle Bachelet , a popular president who steered the country through the global economic downturn and promoted progressive social reforms .

Pinera , a billionaire , is the first conservative to lead Chile since the fall of Gen. Augusto Pinochet 's military dictatorship in 1990 .

Educated in Chile and at Harvard University in the United States , Pinera is an economist , investor , businessman and former senator .

Bachelet , a liberal , defeated Pinera in the presidential elections in 2005 . She endorsed Pinera 's opponent in a runoff election in January .

But Pinera said recently that responding to the earthquake requires the country to transcend partisan differences .

`` These are times when we have to act with a sense of national unity , '' he said . `` It is not the time for conflict between government and opposition . ''

The 8.8-magnitude earthquake and subsequent tsunami February 27 killed more than 500 people and affected up to 2 million .

A 7.2-magnitude temblor struck Thursday as dignitaries were filing into the congressional hall in Valparaiso for the transfer of presidential power .

Under Chile 's constitutional term limits , Bachelet could not run for a second consecutive four-year term .

`` I leave sad because of the pain of our people but with my head held high , '' a teary-eyed Bachelet said in a brief farewell address from the La Moneda presidential palace in Santiago , Chile 's capital . `` I leave proud of what we have been able to build as a nation , of the role we have played .

`` I leave , above everything else , very proud of the country we are . ''

@highlight

Sebastian Pinera , 60 , succeeds Michelle Bachelet

@highlight

Term limits prevented Bachelet from seeking second consecutive term

@highlight

Pinera is first conservative to lead Chile since fall military dictatorship in 1990